BEQUESTS Meaning and
Definition
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Bequests refer to the act of leaving an inheritance or property to someone through a will or testamentary document, usually upon the creator's death. It is a legal term associated with estate planning and the distribution of one's assets after they pass away. A bequest may consist of real estate, personal possessions, stocks, bonds, cash, or any other valuable possessions that can be legally transferred.
Bequests are typically made by individuals who wish to allocate their belongings or wealth among their chosen beneficiaries, such as family members, friends, charities, or organizations. The bequest can be made to a single person or divided among multiple beneficiaries according to the wishes of the deceased.
The process of making a bequest involves creating a legally binding document known as a will or last testament, which outlines the testator's desires regarding the distribution of their assets. It usually requires the assistance of an attorney to ensure that the document complies with local laws and regulations.
Once the bequest is executed, the executor or personal representative of the estate takes charge of fulfilling the testator's wishes and distributing the assets accordingly. The distribution may be subject to probate, which is a legal proceeding that validates the will and confirms its legitimacy.
Overall, bequests are a critical component of estate planning and an essential way to provide for loved ones or make a charitable impact from beyond the grave.
Common Misspellings for BEQUESTS
Etymology of BEQUESTS
The word "bequests" is derived from the Old English word "becwethan" which means "to bequeath or give by will". This word is further derived from the Old English words "be-" (meaning "about" or "concerning") and "cwethan" (meaning "to say" or "declare"). Over time, the word evolved and "bequest" came to be used as a noun to refer to property or assets that are passed on through a will or testament.
Similar spelling words for BEQUESTS
